Q. David Bowers
A prominent advertiser in the Numismatic Scrapbook Magazine, McDermott would from time to time preface his monthly display with a sentence or two about his 1913 Liberty Head nickel, how it was attracting attention, and offers he received for it. In particular, P.B. Trotter, Jr., a Memphis banker, really wanted the nickel and kept after him for it. As the ante was raised, this was dutifully reported to Numismatic Scrapbook Magazine readers.
Abe Kosoff wrote about his involvement with that particular nickel:
"When the ANA convention was held in Miami Beach in 1967 we had a little bit of excitement at the auction sale. I am sure you've read about it before-it's about the 1913 Liberty Head nickel.
"Perhaps I can add a little flavor to the story. I almost bought the coin from 'Mac' for $25,000 bout a year or so before he died. I say almost, because he was willing but wanted to consult with less, his wife. They decided to hold. When he lied, she consigned it to Jim Kelly-and the ANA auction of 1967 was the scene of the sale.
"One of my valued clients, residing in Florida, was visiting with me, and we talked about buying the coin but came to no decision. At the auction he was seated at my right. The bidding opened at $40,000, and Aubrey Bebee made it $42,000. With no warning, my client nudged me and said, throw in a bid.' So I raised my hand and it was $44,000, to which Aubrey Bebee responded with $46,000.
"There is no Santa Claus in numismatics," Lee Hewitt, publisher of the Numismatic Scrapbook Magazine, wrote years ago. The quest for bargains has always been a part of coin buying, and many cherish the illusion that choice or rare pieces can be bought for fractions of current values. In August 1967, Abe Kosoff touched upon this in a Coin World column, noting that he had received complaints from collectors who ordered "gem" coins but, upon receiving a typical piece: "The trouble is that 'gem' is not a gem. It isn't Uncirculated, it looks like Very Fine." A typical lament reiterated that by the time the true grade was discovered, the return period had elapsed.
"The collector could prevent a lot of his heartaches if he ordered from a reliable dealer in the first place, but I recognize the difficulty in trying to maintain such a procedure. The new collector doesn't know who is reliable and who is not. He concludes that if The Numismatist, the Numismatic Scrapbook Magazine, Coin World or Numismatic News accepts a dealer's advertisement, then it is okay-the dealer is reliable, or his advertisement would not be published." Abe Kosoff was to repeat this warning again and again. He continued:
'This reasoning is not sound. Some attempt is being made to weed out unscrupulous advertisers, but the publishers have a long way to go, and it is a difficult road. The collector who gets 'stuck' frequently absorbs his loss and forgets about it. This is unfortunate. Not only does he let the culprit benefit from the transaction, but he permits him to continue to prey upon other collectors.
"Publications are on the spot because condition is not an exact mathematical formula, but is an opinion resulting from what the eye sees, modified by the rose-colored glasses of the seller and the subconscious prejudice accompanying the promotion of sales. How could a publisher determine that Dealer X's advertisement, which is submitted neatly typed, contains coins which are overgraded? He cannot. Unless the victim complains, the publisher will never know. If a sufficient number of complaints appear against a certain advertiser (I keep using this term 'dealer' but the term applies to the part-time dealer and the collector as well), and the publisher is on guard, then he can take steps to prevent the fleecing of innocent buyers.
lilt is a comfort, however, that the coin has two sides. Otherwise the 1960s could well be remembered as a decade of disillusionment. 'Experts' with the merest smattering of knowledge place full-page advertisements in reputable publications thus attaining a dangerous varnish of refinement. To those who know in advance that the 'low priced gems' are merely a come-on to sell a lot of junk, this type of operation is repugnant to reason and conscience.
"It is from these people that we derive some comfort-these and the reputable dealers, part time dealers, and collectors who employ commendable restraint: The Golden Rule is a simple one to follow, but the desire must be there. Circumstances may be beyond the control of man, but his conduct is in his own power."
In an October 1967 Coin World column, Abe Kosoff listed 10 coins which he considered to be especially interesting. His selections were made by using a combination of beauty of design, historical significance, importance to the development of coinage, rarity, and value. His aim was to encourage others to prepare their own "interesting" lists. Abe Kosoff's list follows:
1. The tetra drachm of Melkarth (30 pieces of silver)
2. The 1787 Fugio cent
3. The 1652 Pine Tree Shilling
4. The denarius of Tiberius (tribute penny)
5. The Judea Capta sestertius of Vespasian
6. The ducat or zecchini of Venice
7. The Ides of March denarius
8. The double ducat of Ferdinand and Isabella
9.The $4 American gold stella 10. The dekadrachm of Syracuse
10. The dekadrachm of Syracuse
By January 1968 the sluggish market showed signs of making a comeback. In the annual "Crystal Ball" feature of the Numismatic Scrapbook Magazine, Abe Kosoff wrote:
"The coin business appears to be coming out of the doldrums into which it has settled. Some 39 months of lethargic trading at lower and lower price levels seems to have run its course. Rarities have been bringing high prices. Competition, lacking for almost three years, is evidently becoming a factor. Recent advertisements listing items WANTED are straws in the wind ... "
A January 1968 fixed price list, in the style of the old Kosoff's Coin Bulletin but not titled as such, offered many different patterns for sale, an illustrated selection of ancient coins, and many pieces in United States series.
Proof nickel three-cent pieces included an 1865 for $490, 1877 $640, 1878 $175, 1884 $54, and 1889 at $52, while Proof nickels included 1893 at $52, 1909 at $49, and 1914 Matte Proof at $230. A 1921 Uncirculated Liberty Walking half dollar could be ordered for $975, while $110 was the cost of a 1927-S in comparable grade and $70 was the price for a 1929-S. Issues of the 1940s in Uncirculated grade ranged from $4.75 upward.
Currency offerings included a New 1896 $2 "Educational" note at $265 and the related $5 issue, but with some folds at $240, and a $1 HAWAII note, New, for $7.